Noble Corp. Board Authorizes Development of Rig MLP

Noble Also Plans Buyback of as Much as 15%, or About 37 Million, Shares

Noble Corp. said its board authorized the offshore drilling contractor to pursue the development of a master-limited partnership that would include interests in some rigs from its existing fleet.

The company’s board also plans to seek shareholder approval for the buyback of as much as 15%, or about 37 million, of Noble’s shares. That plan would be in addition to roughly 4.8 million shares remaining under the previous...